Posted on 07/31/2019 12:29:31 PM PDT by SeekAndFind
How's this for an adjective for the Donald Trump economy: average.
That word has scarcely been used to describe the president. But Friday's GDP revisions reveal a decidedly humdrum-looking economy.
The second quarter notched 2.1% growth, down a point from the first quarter. The economy stumbled at the end of the year and the president's much-ballyhooed second-quarter 2018 tally of 4.2% was revised to 3.5%. But for the true picture, it's best to smooth it all out. Remember, the trend tells the story -- not a single data point. And that trend is a ten-year expansion averaging 2.3% annual growth. Quarterly revisions for last year deliver a picture that falls short of the president's promises of 3% economic growth and nowhere near his hyperbolic pledges for 3, 4, 5% growth.
The president and his team promised an economy supercharged by huge corporate tax cuts and historic rollbacks in regulation. Look at this bar chart (SEE CHART BELOW):
Where exactly is that growth explosion? In fact, it looks like the economy was stronger before the tax cuts.
The economic cheerleader-in-chief has an explanation, of course. He blames the Fed.
Trump calls Fed policy an anchor around our neck. But while the Fed did raise interest rates four times last year, official rates are still well below the post-World War II average.
Meanwhile, consumers remain the strongest part of the economy -- it's business investment that has stalled. It's hard to see the Fed at play there.
(Excerpt) Read more at cnn.com ...
Trump has given us th greatest economy in history. He promised to be the greatest job president God ever put on Earth, and boy, was he right.
We endured the Bush crash
We barely survived the Obama depression
Now, we can thrive and enjoy the TRUMP BOOM
Wonder what its FR log on name is.
Well then I guess Obama’s economy was “below average,” just like Obama.
For them to admit it is average is itself amazing.
I really hope we get a whole new round of weeping Leftist videos next year.
“Be Parkinson next.”
https://youtube.com/watch?v=iVk22RGXIUM
It’s doing better than it was under the last guy.
And the long winter is what suppressed the 2nd quarter.
Look for a nice a rebound this quarter
Logic not permitted among libs !
Well then I guess Obama’s economy was “below average,” just like Obama.
Wage growth helps the lower and middle classes, as it - like any expense - slows overall economic growth. It’s always a balancing act. It is, however, more productive in the long-run. As long as there is still economic growth at above the population growth plus inflation, it is good.
And the Titanic only suffered minor damage.
Maybe if we are talking about CNN’s economy, not the US economy.
So... um, with the slight aberration of Reagan, the economy has been underperforming (below average) since Calvin Coolidge?
I guess Christine Roman is heralding that this isn’t Obama’s economy with Trumps happenstance to be at the helm. Or that all those other fabulous economy’s since who knows when have been underperforming as well? I don’t think she knows what she’s talking about
Please note that to get the expansion below 3%, they added the eight years of Obama in. Also, that's not the trend, that's the average over ten years. to check the trend, they'd need to compare Zero's growth rate against Trump's and calculate the difference. They're not going to do that, and we know why.
LOL @ “smooth it out using a 10 year average” which includes all 8 years of the Obama economy.
I agree individual datapoints are just anecdotes, but you can’t put 4x more Obama quarters into the average and then call it Trump’s average. Take just the quarters since Trump took office, or since Trump made a policy that would influence the economy (e.g. deregulation, tax cuts, tax rebates etc).
Just a reminder as to how MISERABLE we ALL were under Carter!
Yes, 3%+ growth is average. It was dreadfully below average under Obama.
The recent and projected slowdown is largely explained by business spending. There is good suggestion that businesses loaded up inventories and capital spending in the first quarter in anticipation of the tariff fight. They are now adjusting and spending less. It’s cyclical and will work itself out in a quarter or two. Consumers are strong... that’s the most important data point in a market economy.
“We endured the Bush crash....”
Bush happened to be in power; when that crash was engineered to ensure Obama’s election. It’s totally unfair — but, I suppose he’s stuck with that association forever.
The real culprit was the Carter-era, Clinton supercharged “Community Redevelopment Act”, that required banks to offer the sub-prime mortgages that eroded the whole banking system. The dam had to burst sometime — why not burst it, when it can keep an (alleged) R out of office?
If CNN has been forced to admit it is at least “average”, then it must be actually booming!
Every store or restaurant I go to has a help wanted sign up. business websites are now showing help wanted banners. I’ve noticed service is down at many stores because they are shorthanded.
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